Awarded annually, the CME Group-MSRI Prize in Innovative Quantitative
Applications rewards exemplary work in the fi eld of mathematical
sciences and recognizes the vital impact of quantitative research and
its application to shaping global fi nancial markets.
The prize was developed by the CME Center for Innovation, which was
launched by CME Group in 2003. CME Group is the world’s leading
and most diverse derivatives marketplace. The Center creates and
sponsors thought-provoking original programming that identifi es and
fosters examples of signifi cant innovation and creative thinking across
multiple industries. Each of the programs aims to explore the forces
that drive innovation and showcase their application to a broad and
diverse audience.
The Mathematical Sciences Research Institute (MSRI) partners with
CME Group in this initiative. Based in Berkeley, California, MSRI exists
to further mathematical research through broadly based programs
in the mathematical sciences and closely related activities. Each year,
approximately 2,000 mathematicians visit the Institute, which is funded
primarily by the National Science Foundation, with additional support
from other government agencies, private foundations, individual and
corporate donors, and academic sponsors.
CME GROUP-MSRI PRIZE IN INNOVATIVE QUANTITATIVE APPLICATIONS
PAUL MILGROM, a member of the National Academy of Sciences and the
American Academy of Arts and Sciences, is the winner of the 2017 CME-MSRI
prize in Innovative Quantitative Applications. He also won the 2012 BBVA Frontiers
of Knowledge award and the 2008 Nemmers Prize in Economics.
Milgrom is best known for his contributions to the microeconomic theory,
his pioneering innovations in the practical design of multi-item auctions, and
the extraordinary success of his students and academic advisees. According to
his BBVA Award citation, “Paul Milgrom has made seminal contributions to an
unusually wide range of fi elds of economics including auctions, market design,
contracts and incentives, industrial economics, economics of organizations,
fi nance, and game theory.” According to a count by Google Scholar, Milgrom’s
books and articles have received more than 80,000 citations.
2017 PRIZE RECIPIENT
PAUL MILGROMShirley R. and Leonard W. Ely Professor of Humanities and Sciences
Department of Economics, Stanford University
MODERATED SEMINARFRONTIERS OF RESEARCH IN MARKET DESIGN
WELCOME
LEO MEL AMED
Chairman EmeritusCME Group
DAVID EISENBUD
DirectorMathematical Sciences Research Institute (MSRI)
MODERATOR
PRESTON McAFEE
Corporate Vice President and Chief EconomistMicrosoft Corporation
PANELISTS
MOHAMMAD AKBARPOUR
Assistant Professor of Economics Graduate School of Business, Stanford University
PIOTR DWORCZ AK
Research Fellow Becker Friedman Institute, University of Chicago
SHENGWU LI
Junior Fellow of the Society of Fellows Department of Economics, Harvard University
ELLEN MUIR
Ph.D. StudentDepartment of Economics, Stanford University
2016 | ROBERT WILSONAdams Distinguished Professor of Management, Emeritus, Stanford Graduate Schoolof Business
2015 | DOUGLAS DIAMOND Fischer Black Visiting Professor of Financial Economics, MIT Sloan School of Management, 2015-2016, and Merton H. Miller Distinguished Service Professor of Finance, Booth School of Business, University of Chicago
2014 | JOSÉ SCHEINKMANCharles and Lynn Zhang Professor of Economics, Columbia University and Theodore A. Wells ’29 Professor of Economics Emeritus, Princeton University
2013 | BENGT HOLMSTRÖMNobel Laureate in Economic Sciences (2016), Paul A. Samuelson Professor of Economics, Massachusetts Institute of Technology
2012 | ROBERT SHILLERNobel Laureate in Economic Sciences (2013), Sterling Professor of Economics, Yale University, and Professor of Finance and Fellow at the International Center for Finance, Yale School of Management
2011 | THOMAS SARGENTNobel Laureate in Economic Sciences (2011), William R. Berkley Professor of Economics and Business, Stern School of Business, New York University, and Senior Fellow, Hoover Institution
2010 | JEAN TIROLENobel Laureate in Economic Sciences (2014), Chairman, Toulouse School of Economics, and Chairman of the Executive Committee, Institute for Advanced Study in Toulouse
2009 | SANFORD GROSSMANChairman and President, Quantitative Financial Strategies, Inc.
2008 | LARS PETER HANSENNobel Laureate in Economic Sciences (2013), David Rockefeller Distinguished Service Professor in Economics, Statistics and the Booth School of Business, University of Chicago
2007 | DAVID KREPSAdams Distinguished Professor of Management, Professor of Economics (by courtesy), School of Humanities and Sciences, and the Winnick Family Faculty Fellow for 2016-2017, Stanford University Graduate School of Business
2006 | STEPHEN ROSSFranco Modigliani Professor of Financial Economics, MIT Sloan School of Management
PAST CME GROUP-MSRI PRIZE RECIPIENTS
DAVID EISENBUDPrize Committee Chair, Director, Mathematical Sciences Research Institute (MSRI)
LARS PETER HANSENNobel Laureate in Economic Sciences (2013), David Rockefeller Distinguished Service
Professor in Economics, Statistics and the Booth School of Business, University of
Chicago, and 2008 Recipient of the CME Group-MSRI Prize in Innovative Quantitative
Applications
BENGT HOLMSTRÖMNobel Laureate in Economic Sciences (2016), Paul A. Samuelson Professor of
Economics, Massachusetts Institute of Technology, and 2013 Recipient of the CME
Group-MSRI Prize in Innovative Quantitative Applications
PRESTON MCAFEE Corporate Vice President and Chief Economist, Microsoft Corporation
LEO MELAMEDChairman Emeritus, CME Group
ROGER MYERSONNobel Laureate in Economic Sciences (2007), Glen A. Lloyd Distinguished Service
Professor of Economics, University of Chicago
MAUREEN O’HARARobert W. Purcell Professorship of Management and Professor of Finance, SC Johnson
College of Business, Cornell University
MYRON SCHOLESNobel Laureate in Economic Sciences (1997), Frank E. Buck Professor of Finance,
Emeritus, Stanford Graduate School of Business
HUGO SONNENSCHEINCharles L. Hutchinson Distinguished Service Professor Emeritus, University of Chicago
JEAN TIROLENobel Laureate in Economic Sciences (2014), Chairman, Toulouse School of
Economics, and Chairman of the Executive Committee, Institute for Advanced
Study in Toulouse, and 2010 Recipient of the CME Group-MSRI Prize in Innovative
Quantitative Applications
CME GROUP-MSRI PRIZE SELECTION COMMITTEE
WELCOME
BRYAN DURKIN
PresidentCME Group
APPRECIATION OF THE LIFE AND WORK OF PAUL MILGROM
ROGER MYERSON
Nobel Laureate in Economic Sciences (2007)Glen A. Lloyd Distinguished Service Professor of Economics University of Chicago
KEYNOTE ADDRESS
PAUL MILGROM
Shirley R. and Leonard W. Ely Professor of Humanities and Sciences Department of Economics, Stanford University
PRESENTATION OF THE CME GROUP-MSRIPRIZE IN INNOVATIVE QUANTITATIVE APPLICATIONS
LEO MEL AMED
Chairman EmeritusCME Group
DAVID EISENBUD
DirectorMathematical Sciences Research Institute (MSRI)
PROGRAM CONCLUSION
LUNCHEON AND AWARD CEREMONY
– PAUL MILGROM
Shirley R. and Leonard W. Ely Professor of Humanities and Sciences Department of Economics, Stanford University
I am honored to accept this prize on behalf of
myself and my collaborators, they have helped
me both to conduct my most important research
and to bring my ideas into practice. Bob Wilson,
who won this prize last year, was my teacher who
guided my first research efforts and collaborated
with me on my first real-world auction design.
Another past winner, Dave Kreps, was also an
early collaborator, as was Nobel Laureate Bengt
Holmstrom. It is hard to go wrong with collaborators
like those! Or with Evan Kwerel, Ilya Segal,
Kevin Leyton-Brown, John Roberts, Robert
Weber, Larry Glosten and Nancy Stokey,
all of whom played crucial roles in bringing
our work to fruition.
Roger Myerson studied applied mathematics at Harvard
University, earning his bachelor’s degree in 1973 and his Ph.D.
in 1976. From 1976 to 2001, he was professor of managerial
economics and decision sciences at Northwestern University,
in the Kellogg School of Management. Since 2001, he has
been at the University of Chicago where he is the Glen A.
Lloyd Distinguished Service Professor in Economics. He is a
fellow of the American Academy of Arts and Sciences and the
National Academy of Sciences.
He is author of two books, Game Theory (1991) and Probability Models for Economic
Decisions (2005), and many professional articles on game theory, information
economics and political economics. In particular, he has written about bargaining
problems with incomplete information, refinements of Nash’s equilibrium concept,
optimal auction design, incentive constraints in economic systems and game-
theoretic models of politics.
In 2007, he shared the Nobel Prize in Economic Sciences, in recognition of his
contributions to mechanism design theory, which analyzes rules for coordinating
economic agents effi ciently when they have different information and diffi culty
trusting each other.
LUNCHEON REMARKSAPPRECIATION OF THE LIFE AND WORKS OF PAUL MILGROM
ROGER MYERSONNobel Laureate in Economic Sciences (2007)Glen A. Lloyd Distinguished Service Professor of EconomicsUniversity of Chicago
Bryan T. Durkin serves as president of CME Group. In this role,
he is responsible for overseeing the company’s technology,
global operations, market technology and data services and
international businesses. He also is president of GFX Corp., a
wholly owned subsidiary of CME Group that provides liquidity
in foreign exchange futures.
Previously, he served as chief commercial offi cer since 2014
and as chief operating offi cer since 2007. As part of his
responsibilities, he led the global integrations following CME’s
merger with the Chicago Board of Trade (CBOT) in 2007 and CME Group’s acquisition
of the New York Mercantile Exchange (NYMEX) in 2008.
Before joining CME Group, Durkin served as executive vice president and chief
operating offi cer of the CBOT.
Durkin is a member of the COMEX governors committee and the Commodity Futures
Trading Commission’s technology advisory committee and energy and environmental
markets advisory committee. He also serves on the board of directors of the CME
Group Community Foundation and the board of advisors of Misericordia.
Durkin holds a bachelor’s degree in business administration and an MBA from Lewis
University. He has been an adjunct faculty member of Lewis University’s MBA program,
teaching courses in organizational behavior and management.
LUNCHEON REMARKS
BRYAN DURKINPresidentCME Group
Leo Melamed is acknowledged as the father of financial
futures. He led in the creation of our FX, interest rate and
stock index futures contracts. He served as CME chairman
of the Board from 1968 until 1973. Upon founding the
International Monetary Market (IMM), he was its chairman
from 1972 until its merger with the CME in 1976. He then
served as chairman of the merged exchange until 1977.
He has served as CME chairman emeritus since 1997 and
chairman of our strategic steering committee since 2001.
Melamed was special counsel to our board from 1977 to 1985 and then chairman of
its executive committee from 1985 until 1991. He was instrumental in the creation
and launch of the CME Globex electronic trading platform and served as its founding
chairman in 1992. From 1993 to 2001, he served as chairman and CEO of Sakura
Dellsher, Inc., a former clearing fi rm of CME, and currently serves as chairman and CEO
of Melamed & Associates, a global consulting group. He is founder and a permanent
special advisor to the National Futures Association, and an advisor of the International
Advisory Council of the CSRC in China.
He serves on the board of overseers of the Becker Friedman Institute of the University
of Chicago. Melamed is a director of The Chicago Council on Global Affairs and senior
advisor to LEAP Innovations. He also is a published author of a number of books
pertaining to markets and the history of CME Group.
WELCOME ADDRESS
LEO MELAMED Chairman EmeritusCME Group
David Eisenbud served as director of MSRI from 1997 to
2007, and began a new term in 2013.
He received his Ph.D. in mathematics in 1970 at the
University of Chicago under Saunders MacLane and Chris
Robson, and was on the faculty at Brandeis University
before coming to Berkeley, where he became professor
of mathematics in 1997. He served from 2009 to 2011
as director for mathematics and the physical sciences
at the Simons Foundation, and is currently on the board
of directors of the Foundation. He has been a visiting professor at Harvard, Bonn
and Paris. Eisenbud’s mathematical interests range widely over commutative and
non-commutative algebra, algebraic geometry, topology and computer methods.
Eisenbud is chair of the editorial board of the “Algebra and Number Theory” journal,
which he helped found in 2006, and serves on the board of the “Journal of Software
for Algebra and Geometry,” as well as Springer-Verlag’s book series Algorithms and
Computation in Mathematics.
Eisenbud was president of the American Mathematical Society from 2003 to 2005.
He is a director of Math for America, a foundation devoted to improving mathematics
teaching. He has been a member of the board of Mathematical Sciences and their
Applications of the National Research Council, and is a member of the U.S. National
Committee of the International Mathematical Union. In 2006, Eisenbud was elected
a fellow of the American Academy of Arts and Sciences.
WELCOME ADDRESS
DAVID EISENBUDDirectorMathematical Sciences Research Institute (MSRI)
PANELIST
ELLEN MUIR Ph.D. StudentDepartment of Economics, Stanford University
Ellen Muir is currently a first-year Ph.D. student in
economics at Stanford University. She previously was a
research fellow in the School of Mathematics and Statistics
at the University of Melbourne, Australia and a member of
the Australian Research Council Centre of Excellence for
Mathematical and Statistical Frontiers.
Muir holds a Ph.D. in mathematics, which was completed in
2017 at the University of Melbourne under the supervision
of Professor Simon Loertscher and Professor Peter Taylor.
Her research interests include microeconomic theory, market design, dynamic
mechanism design, matching, probability theory and stochastic processes.
Shengwu Li studies economic theory and behavioral
economics. His recent work investigates mechanism design
under bounded rationality and under partial commitment.
Shengwu graduated with a Ph.D. in economics from
Stanford University in 2016, and is a junior fellow at the
Harvard Society of Fellows. He was invited to the 2016
Review of Economic Studies Tour, and was awarded the
2017 Aliprantis Prize by the Society for the Advancement of
Economic Theory. The first chapter of his Ph.D. dissertation
was published as the lead article of the American Economic Review in November 2017.
PANELIST
SHENGWU LI Junior Fellow of the Society of Fellows Department of Economics, Harvard University
R. Preston McAfee, corporate vice president and chief
economist of Microsoft, is an economist who has worked
extensively in pricing, auctions, antitrust, business strategy,
market design, computational advertising and machine
learning applied to exchanges. He is the author of more than
100 refereed articles, seven patents and three books.
McAfee received a B.A. in economics from the University
of Florida in 1976, as well as an M.S. in mathematics and
economics, both in 1978, and a Ph.D. in economics in
1980, from Purdue University. He has taught at the University of Western Ontario,
the University of Texas, MIT, the University of Chicago and Caltech, where he was
executive officer for the social sciences. He joined Yahoo in 2007 as chief economist,
moved to Google in 2012, and joined Microsoft in his current role in 2014.
Working with colleague John McMillan in the 1980s, McAfee developed research that
showed how auctions could be designed to improve government procurement and
sales. For this work, McAfee was awarded a Golden Goose award in 2014.
In 1995, McAfee, McMillan and Stanford professors Paul Milgrom and Robert Wilson
formed a company, Market Design, Inc., that provided auction advice and expertise in
many countries.
In 2006, McAfee finished Introduction to Economic Analysis, a textbook covering both
introductory and intermediate microeconomics. He won the Association of Research
Libraries’ SParc Innovator award in 2009.
MODERATOR
PRESTON McAFEE Corporate Vice President and Chief EconomistMicrosoft Corporation
Mohammad Akbarpour is an assistant professor of
economics at Stanford Graduate School of Business, where
he teaches MBA and Ph.D. courses on the economics of
marketplaces and market design. His research bridges
computer science and economic theory, and is focused on
marketplace design, social and economic networks, and the
economics of organ markets.
Mohammad received his Ph.D. in economics from Stanford
University in 2015 and his B.Sc. in electrical engineering
from Sharif University of Technology in Iran. He has held research positions at
Auctionomics and Microsoft Research, where he worked on designing auction
markets for spectrum and online advertising. He has also been an instructor at
Khan Academy Farsi, teaching game theory, physics, calculus, and macroeconomics
through hundreds of video-lectures.
PANELIST
MOHAMMAD AKBARPOUR Assistant Professor of EconomicsGraduate School of Business, Stanford University
Stanford Ph.D. Piotr Dworczak studies mechanism and
information design, with interests in auction design,
matching theory and information in financial markets.
In particular, his research examines design problems that
arise when a mechanism is embedded in a larger market
that influences agents’ continuation payoffs.
In work with Darrell Duffie and Haoxiang Zhu, he has studied
the role and appropriate design of financial benchmarks,
addressing concerns arising from recent scandals involving
manipulation of LIBOR and foreign exchange benchmarks. One of the papers was
awarded the 2017 Amundi Smith Breeden First Prize.
Another strand of his work considers classical topics in matching theory. This work
in algorithms was honored as the best paper with a student lead author at the 2016
Conference on Economics and Computation.
He is currently a research fellow at the Becker Friedman Institute at the University
of Chicago, and will join the Northwestern University economics faculty as assistant
professor in 2018.
Before seeking his Ph.D. at Stanford, he earned a bachelor’s degree in mathematics at
the University of Warsaw and one in economics at the Warsaw School of Economics.
PANELIST
PIOTR DWORCZAK Research FellowBecker Friedman Institute, University of Chicago
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